On Friday (Dec. 15, 2017), the Joint Conference Committee bridged the differences between the House and Senate bills and unveiled the final version of the tax reform bill. Both the House and Senate plan to vote on the bill early this week and get it ready for President’s signature by Dec. 22. The bill generally sunsets the individual provisions starting in 2026, while the business provisions are generally permanent.
This table highlights some of the key provisions that affect individual and businesses:
*Other changes as well as the final bill adopted can be found here.
*for other rates, see the detailed documents
Applies to post-1986 earnings of 10% owned foreign subsidiaries.
It should be noted that that the favorable long term capital gain tax rates for individual taxpayers, 3.8% net investment tax on certain income, among others, remain the same.
Please contact your GHJ advisor with any questions or to discuss how the proposed tax changes may affect you or your business.